Top 5 tips on how to manage a counter offer
23 January 2019
Are counter offers disrupting your hiring process and stopping you from getting the candidates you want? For those who are unfamiliar with the term, counter offers are a direct response to individuals handing in their notices in an effort to keep them in the company. And let’s face it, when you’re trying to hire it can throw a real spanner in the works. Here’s a small insight on some of the points we address to avoid facing a counter offer:
50% of candidates that resign will be counter offered by their current employer.
Our team show continuous support for the candidate right from the initial point of contact through to the start of employment. We understand that both parties are excited for their future working together and we clearly voice this enthusiasm. Supporting the candidate through the process of handing in their resignation, support can include going through some examples of how the conversation will go and helping candidates to write letters of resignation, means we can prepare them for how to handle a counter offer if it does occur. We’ll touch on this in more detail in point 5.
2) Avoid a bidding war
Spending time haggling is a stressful process for all involved and could result in you losing the candidate along the way. It will also make candidates much more susceptible to being swayed by a counter offer if they don’t feel like you’re taking into account their financial wants. We advise that if you have the budget, go in with your top offer straight away to ensure you get the individual you want & avoid any unnecessary disruption.
80% of candidates who accept a counter offer from their current employer end up leaving within 6 months. – Eclipse Software
3) Know the candidate’s motivators
We go the extra mile when it comes to building a rapport that allows us to know the candidates on a deeper level and the full ‘ins and outs’ of their career aspirations. It’s imperative that we understand the candidate’s passions, the key reasons why they want to leave their current position and what attracts them to apply for the role. You, as the client, can then focus on these throughout the interview process.
It can cost the current employer as much as 213% of annual salary to replace a senior executive.
4) Cement a start date
Once the wheels are in motion, it’s key to maintain the momentum which we do by solidifying a start date. This gives the candidate a sense of confidence when handing in their resignation and makes the process real. Also it’s great to keep in touch with the candidate whilst they are serving their notice to check in and show you’re always there for support. This will make them feel really confident and comfortable for their first day.
57% of employees accept counter offers made to them.
5) Ask the question
Once we’ve built a trusting relationship with the candidate, we ask them what they would do if they were given a counter offer. It’s important to play out these scenarios as it creates an opportunity for both us and the candidate to get to the crux of their motivators and it could also avoid a tug-of-war situation later down the line.
If you want more tips or would like to chat to one of our expert’s then get in touch on 0208 004 8411 or sign up to our mailing list here.
Source – Eclipse Software - https://www.recruitment-software.co.uk/7-counter-offer-statistics-every-recruiter-needs-know/
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